News Corp

“Shock” and “anxiety” ran through the editorial floor of the News of the World the day two people were arrested in 2006 in connection with phone hacking. The description, from the former News International staff journalist Dan Evans, was told to the jury at the phone hacking trial.

Rupert Murdoch has told investors that if they don't like the way that he does business, amid continuing fallout from the phone-hacking affair, then they simply shouldn't bother owning shares in his media companies.

Tom Crone, the former News International (NI) legal manager who left the company last year after falling out very publicly with the Murdochs, was arrested yesterday as part of Scotland Yard's phone-hacking inquiry.

The day of reckoning over phone hacking is almost upon us and almost the entire former hierarchy of News International will be standing in the dock. No wonder Rupert Murdoch quietly dropped his directorship of the company at the weekend.